Richardson International is set to acquire the Wesson oil brand from Conagra Brands in the first quarter of calendar year 2019. The agreement includes all assets exclusively related to the Wesson brand, including the facility in Memphis, Tennessee.
The transaction is subject to customary closing conditions. Financial terms of the agreement were not disclosed.
In 2017, The J.M. Smucker Co. signed a definitive agreement to acquire Wesson oil from Conagra in an all-cash transaction valued at approximately $285 million. The companies in March of this year agreed to terminate the agreement following the FTC’s decision to challenge the pending transaction. The FTC charged that the proposed merger would likely reduce competition in the U.S. market for branded canola and vegetable oils sold to grocery stores and other retailers.
Wesson is an edible oil in the U.S., with product offerings including vegetable, canola, corn and blended oils. Richardson International, a global agriculture and food processing company, is Canada’s largest agribusiness.
Conagra, headquartered in Chicago, is one of North America’s leading branded food companies. It’s brands include Birds Eye, Marie Callender’s, Banquet, Healthy Choice, Slim Jim, Reddi-wip and Vlasic, as well as emerging brands, including Angie’s Boomchickapop, Duke’s, Earth Balance, Gardein and Frontera.